Ripple Begins Beta Testing Stablecoin RLUSD on XRP Ledger and Ethereum Mainnet
Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...
Ripple began beta testing Ripple USD (RLUSD) on the XRP Ledger and Ethereum mainnet on August 9.
According to an official announcement published by Ripple, the beta phase will involve active testing by enterprise partners to ensure the stablecoin meets standards of security and reliability before wider availability and regulatory requirements.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…
The company plans to expand the stablecoin to additional blockchains and decentralized finance (DeFi) protocols in the future. RLUSD is currently not for trading or purchase.
“There is a clear demand for stablecoins that deliver trust, stability, and utility,” the statement reads. “Once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.”
The announcement indicated that the company is targeting the stablecoin market with expectations to reach $2.8 trillion by 2028. The coin itself will be completely backed by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents.
In addition, the reserve assets will undergo audits by an independent accounting firm, with Ripple committing to release monthly attestations.
“Ripple is committed to transparency and will keep the community updated
Read more on cryptonews.com
